When an Economist Talks of Scarcity, the Economist Is Referring

question 105

Multiple Choice

When an economist talks of scarcity, the economist is referring to the

• A) ability of society to continually make technological breakthroughs and increase production.
• B) inability of society to satisfy all human wants because of limited resources.
• C) ability of society to consume all that it produces.
• D) ability of society to employ all of its resources.

Identify the geographical distribution and regional variations of the Gothic style.

Distinguish between elastic and inelastic demand/supply.

Utilize the midpoint method to calculate price elasticity.

Analyze the impact of external factors (e.g., bovine infertility) on market outcomes.

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Definitions:

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return.

Trust Fund

A fund comprised of a variety of assets intended to provide benefits to an individual or organization.

Effective Rate

is the interest rate on a loan or financial product, restated from the nominal rate as an annual rate that may incorporate compounding.

Endowment Fund

A financial endowment given to institutions like universities, museums, and non-profits to invest and use the annual income from investments for operations or programs.